Why Wall Street Is Raising the Alarm Over U.S. Debt

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• 00:03

  Elon Musk calls Trump's Big Beautiful Bill a disgusting abomination as the president seeks Congress's approval for doge cuts.

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  Plus, why now is the time to listen to Wall Street's alarm over the U.S. debt.

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  Just the interest on the existing debt,

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  not any debt that's going to be accrued in the future, is about $1 trillion a year.

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  That's more than the defense budget.

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  That's more than Medicaid and food stamps and disability insurance all rolled together.

• 00:30

  And Israeli troops fire at Palestinians heading to an aid distribution site in Gaza.

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  It's Tuesday, June 3rd.

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  I'm Alex Osola for The Wall Street Journal.

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  This is the PM edition of What's News,

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  the top headlines and business stories that move the world today.

• 00:48

  Former White House cost-cutting czar Elon Musk called President Trump's big,

• 00:53

  beautiful tax and spending package a, quote, disgusting abomination.

• 00:57

  Posting on his ex-social media platform, Musk wrote,

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  quote, shame on those who voted for it.

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  You know you did wrong.

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  Musk's latest criticism of the bill comes as the Senate is trying to quickly pass the measure,

• 01:09

  and as Trump is trying to codify some of the spending cuts rolled out by the Department of Government Efficiency,

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  or DOJ.

• 01:16

  Asked about Musk's social media post,

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